Nigerian Investment Promotion Commission (NIPC) Executive Secretary/Chief Executive Officer Hajiya Saratu Umar has unfolded a nine-point agenda to attract foreign investments.
She said the commission will soon conclude the National Investment Promotion Coordination Framework.
Hajiya Umar said the Business Environment Reform Agenda initiated by the President Buhari administration has removed several constraints on investment.
Speaking after taking over from Mr. Emeka Offor, she said: “As we all know, the mandate of the NIPC is to encourage, promote and coordinate investments in the Nigerian Economy.
“This mandate is key to promoting economic growth, creating jobs, and generating wealth for Nigerians as well as facilitating development. NIPC is therefore strategic and important in the economic development of Nigeria.
“My appointment comes at an important and defining moment for our dear country, Nigeria. With the goings on in the country and around the world, our work is indeed cut out for us.
It is with a positive attitude, that we must collectively, forge ahead and be on the frontline as effective advocates of investments in Nigeria, with the objective of making our country a top destination for global private capital.
“Therefore, we must stay focused, be development-oriented, and implement strategies for the greater achievement of our mandate.”
She listed the nine-point agenda as: sound corporate governance practices; corporate accountability and institutional discipline; operational excellence and administrative effectiveness through standardised processes, policies, and systems, amongst others; risk management framework that supports the internal operations, service delivery, mandate and functions of NIPC; certification by the international standards organisation (ISO) to attain process maturity and enhance NIPC’s service delivery, reliability, and efficiency.
“Also on the agenda are robust and effective stakeholder communication and engagement; structured, systematic and expanded national investment promotion strategy; deployment of a best-in-class Information technology system across our functions and processes and a robust human resource management system that addresses and prioritizes staff welfare, training, development, reward system and motivation.
According to her, Nigeria must get it right because Foreign Direct Investment (FDI) markets have become competitive.
She added: “Global FDI markets over the last decade have become more competitive, and the investment promotion thrust of countries that are attracting the largest global market share of FDI inflows are driven by effective, efficient, and performance-driven Investment Promotion Agencies (IPAs).
“With over 170 IPAs worldwide competing to channel FDI to their different countries, it is imperative that the NIPC is positioned to ensure Nigeria wins in this global market. This is especially important with the onset of the Africa Continental Free Trade Agreement which is now in force. In 2021, a UN report noted that Foreign Direct Investment (FDI) into Africa grew by 147 per cent.”
Promising to transform the NIPC into a centre of excellence, she said: “Therefore, as it was in 2014, so it is in 2022: I am still fully committed to excellence and professionalism. If you would recall, my vision when I assumed duty in 2014 was to transform NIPC into a gold standard of excellence on the African Continent and a world-class investment promotion agency, that is comparable to any in the world.”